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LINK Surges to 2021 Levels as Trump’s World Liberty Buys More Chainlink Tokens

LINK neared $30 in Asian morning hours Friday, data shows, with open interest (OI) on the token’s futures zooming to record highs above $860 million.

Donald Trump-backed World Liberty Financial just increased its holdings of Chainlink’s LINK token.

The project purchased another $1 million worth of LINK late Thursday, data shows, for the second straight day, increasing its LINK stash to $2 million worth of tokens. It additionally brought $246,000 worth of Aave’s AAVE, taking total token holdings to $1.2 million.

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Trump's World Liberty(@worldlibertyfi) bought 37,052 $LINK($1M) at $27 and 685 $AAVE($246.7K) at $360 again.

Since Nov 30, #WorldLiberty has spent:

30M $USDC to buy 8,105 $ETH at $3,701;
10M $USDC to buy 103 $cbBTC at $97,181;
2M $USDC to buy 78,387 $LINK at $25.5;
1.25M… pic.twitter.com/l9nnv9Ry94

— Lookonchain (@lookonchain) December 13, 2024

LINK is now World Liberty Financial’s fourth-largest holding after ether (ETH), bitcoin (BTC) and tether (USDT).

Backed by the Trump family, World Liberty Financial is a unified platform where users can borrow and lend cryptocurrencies, create liquidity pools and transact with stablecoins. WLFI serves as a governance token for the platform.

It uses data provider Chainlink’s services for better integrating with the wider crypto ecosystem. Chainlink supports the platform by providing crucial pricing data and cross-chain interoperability infrastructure, per a November report.

Chainlink bridges blockchains and off-chain systems, providing smart contracts with access to real-world data, external APIs, and other off-chain resources. LINK tokens, among other are used to pay node operators for their services in retrieving and preparing off-chain data or performing computations.

Part of investor demand for LINK tokens is directly tied to the utility and adoption of Chainlink’s oracle services.

And the market is positively reacting to the Trump-linked purchases — LINK prices are up 22% in the past 7 days and more than 130% since World Liberty Financial first onboarded Chainlink, helping the token reach price levels last seen in early 2021.

LINK neared $30 in Asian morning hours Friday, data shows, with open interest (OI) on the token’s futures zooming to record highs above $860 million.

OI refers to the number of unsettled bets in futures markets. A bump in prices alongside rising OI is generally considered a bullish sign, as it suggests investors are willing to commit new capital to the expectation that the price will continue to rise.

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Ether Volume Overshadows Bitcoin on HyperLiquid as Platform Activity Hits $500B

The record trading activity on HyperLiquid’s perpetuals market is characrterized by users recently leaning more toward ether than bitcoin.

Bitcoin (BTC) is not the only one setting milestones. HyperLiquid, the leading on-chain perpetuals trading protocol operating on its custom-built layer 1 blockchain, is setting impressive records, too, with the platform seeing more activity in ether (ETH) than bitcoin.

The cumulative perpetuals volume on the platform has surged past $500 billion, registering a staggering 15-fold year-to-date rise, according to DefiLlama.

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The platform has seen an average daily volume of over $5 billion in the past seven days, accounting for over 45% of the total onchain perpetuals market activity of the past 24 hours.

What’s more interesting is that ether, not bitcoin, is leading the boom in activity this week. Since Monday, ether perpetuals have registered a cumulative trading volume of $7 billion. That’s 18% greater than bitcoin’s tally of $5.94 billion, according to data source stats.hyperliquid.xyz.

Ether has also led the growth in the cumulative notional open interest on the platform since late November. At press time, ether perpetuals worth $857.5 million were active, accounting for nearly 25% of the total open interest of $3.49 billion.

The increased activity in ether on HyperLiquid represents sticky capital that could fuel the next leg up in the second-largest cryptocurrency by market value. As of writing, ETH was changing hands at $3,900, representing a 70% year-to-date gain, CoinDesk data shows.

The success stems from HyperLiquid being a purpose-specific protocol rather than a general all-purpose chain, according to some observers.

“HyperLiquid’s success appears rooted in prioritizing product-market fit, blending institutional-grade performance with DeFi accessibility, such as no KYC requirements. By offering more generous incentives for active traders, Hyperliquid aligns closely with user needs, potentially setting a new standard for future crypto projects,” algorithmic trading firm Wintermute said in a note shared with CoinDesk.

HYPE is bigger than AAVE

Speaking of market action, HyperLiquid’s two-week-old HYPE token is already making waves. The cryptocurrency has surged over 300% since its inception, zooming to a market value of $5.69 billion, bigger than long-established DeFi players like Ethereum’s leading lending protocol Aave and Solana-based decentralized exchanges Raydium and Jupiter, according to data source Coingecko.

The sustained bullish move following the record airdrop is a sign of investor confidence, according to Wintermute.

“Despite the potential for significant sell pressure from the airdrop recipients, the sustained demand for HYPE has consistently outpaced supply, indicating robust market confidence,” Wintermute noted.

On Nov. 29, HyperLiquid airdropped 31% of HYPE’s nearly 1 billion supply to users who held points earned through trading activities. The airdrop was valued at $1.9 billion, surpassing layer 2 solution Arbitrum’s $1.5 billion valuation.

HYPE is used as a staking asset to secure the platform’s HyperBFT consensus mechanism and acts as a gas token, facilitating transactions and smart contract executions.

Polygon DAO Weighs $1.3B Stablecoin Deployment to Generate $70M Annual Yield

The plan uses Morpho Labs’ vaults to manage USDC and USDT, targeting a conservative 7% annual return using various strategies.

A Polygon DAO community cohort is considering a proposal to use its more than $1 billion of idle stablecoin reserves, currently held on the Polygon PoS Chain bridge to capture yields, per a pre-proposal governance post.

“The PoS Bridge currently holds around $1.3B of stablecoins, which makes it one of the largest, but also idle, holders of stablecoins onchain,” the pre-proposal reads. “At the current benchmark lending rate for the 3 major stables this is an opportunity cost of around $70M annually.”

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“The authors believe that DeFi as a whole has matured whereby assets held in the Polygon PoS bridge can be used productively and securely to incentivize additional activity on Polygon PoS,” it added.

DAOs are organizations represented by rules encoded as computer programs, controlled by the token holders related to that organization and not influenced by a central authority.

The plan involves using Morpho Labs’ vaults to manage USDC and USDT targeting a conservative 7% annual return through strategies that include high-quality collaterals like USTB, sUSDS, and stUSD.

That could make Polygon an additional $70 million yearly from idle assets. The yield generated would be reinvested back into the Polygon ecosystem, supporting growth across the network and its ecosystem.

If the idea passes an initial community check, the proposal will aim to generate yield by gradually deploying dai (DAI), USD Coin (USDC) and tether (USDT) from reserves into decentralized finance (DeFi) protocols.

Deploying each asset will require a separate proposal to be floated and passed by the community in the future.

Polygon’s POL is down 5% in the past 24 hours alongside a broader crypto market slide.

Societe Generale Conducts Blockchain-Based Repo Transaction With French Central Bank

SocGen is claiming bragging rights as the first to conduct an on-chain repo transaction with a European central bank.

Societe Generale said it carried out a blockchain-based repurchase agreement with the Banque de France in what it called the first such tokenized transaction with a euro-zone central bank.

The lender’s digital assets-focused subsidiary, SG-Forge, deposited as collateral some bonds issued in 2020 on the public Ethereum blockchain in exchange for central bank digital currency (CBDC) issued by the Banque de France on its DL3S blockchain, it said in a press release.

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With the European Union’s Markets in Crypto Assets (MiCA) regulatory framework already in place for stablecoin issuers, SG-Forge has maintained a high profile exploring ways to deploy its euro stablecoin, EUR CoinVertible (EURCV). The token was not involved in the repo transaction.

The Banque de France, meanwhile, has been energetically testing the feasibility of wholesale CBDCs to improve things like cross-border payments and settlement finality. Broadly speaking, blockchain-based repo transactions have proved to be one of the more compelling uses of the tech among banks.

“This transaction demonstrates the technical feasibility of interbank refinancing operations directly on blockchain. It illustrates the potential of a Central Bank Digital Currency to improve the liquidity of digital financial securities,” SocGen said in a press release.

Miners Are Adopting the Same Bitcoin Acquisition Strategy as MicroStrategy: JPMorgan

The strategic shift to a bitcoin accumulation model is due to pressure on profitability following the reward halving, the report said.

MicroStrategy (MSTR), the software company founded by Michael Saylor, is not the only large-scale corporate buyer of bitcoin (BTC), JPMorgan (JPM) said in a Wednesday report. Crypto miners are also adopting the accumulation strategy.

The shift to building up bitcoin holdings is driven by growing pressure on profitability, which stems from the reward halving in April and a rising network hashrate, the report said. Hashrate is the total computational power used to mine and process transactions on a proof-of-work blockchain and is a proxy for competition in the industry and mining difficulty.

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“This likely prompted miners to hoard or seek further investments into bitcoin or diversify into AI/HPC businesses,” analysts led by Nikolaos Panigirtzoglou wrote, referring to artificial intelligence and high-performance computing.

Miners such as MARA Holdings (MARA) have adopted a similar bitcoin-buying strategy to MicroStrategy, called BTC yield, in response to these challenges, JPMorgan said.

MARA now owns 35,000 tokens ($3.5 billion) and is the second-largest publicly listed corporation in terms of bitcoin holdings.

The miners aren’t alone. Medical-device maker Semler Scientific has also been actively buying the world’s largest cryptocurrency, and now owns $144 million worth of crypto.

January’s introduction of spot bitcoin exchange-traded funds (ETFs) in the U.S. has given institutional investors a more direct way to gain bitcoin exposure, the bank said. Shares of miners, which had been treated as a proxy for bitcoin, have underperformed as a result.

The bank noted that aside from buying more bitcoin, miners are increasingly financing their businesses via debt and equity offerings rather than selling their crypto reserves to cover operational costs.

Miners have raised more than $10 billion in equity so far this year, eclipsing the previous high of $9.5 billion in 2021, the report added.

Larger Cohorts Than U.S. ETFs or MicroStrategy Are Dictating Bitcoin Price: Van Straten

Since September, MicroStrategy and U.S.-listed spot ETFs have accumulated approximately 200,000 bitcoin each.

Disclosure: The author of this story owns shares in MicroStrategy (MSTR).

Since Donald Trump won the U.S. election on Nov. 5, bitcoin (BTC) has soared from $67,000 to around $100,000. This has coincided with a huge rise in bitcoin’s total trade volume which has now surpassed $100 billion.

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According to checkonchain data, bitcoin futures trading volume hit an all-time high of around $120 billion on Nov. 17, almost doubling since the U.S. election. However, since then futures trade volume has plateaued and steadied around $100 billion.

The same can be seen with spot trade volume which has also doubled from around $6 billion to $12 billion. While the spot listed U.S. exchange-traded funds (ETF) trade volume has also picked up reaching $4 billion a day.

Bitcoin remains in a key trading range of $100,000, going above and below the key psychological area on multiple occasions. A lot of this has to do with the enormous sell pressure coming from long-term holders (LTH) or investors who have held bitcoin for longer than 155 days.

Since September, LTHs have sold 843,113 BTC. In the same period short-term holders (STHs), those who have held bitcoin for less than 155 days, have accumulated 1,081,633 BTC. This works out to around 9,960 BTC sold by LTHs and STHs accumulating 12,432 BTC per day.

To show the difference of trading volumes between long and short-term holders, we compare them to other big players in the industry, such as the self-described bitcoin development company MicroStrategy (MSTR). MicroStrategy holds 423,650 bitcoin or just over 2% of the total supply. In addition, U.S. ETFs now hold over 1 million bitcoin.

Since September, MicroStrategy has accumulated 197,250 BTC, which works out to roughly 2,168 BTC per day. While, the U.S ETFs have accumulated approximately 205,000 BTC, which works out to 2,253 BTC per day. The U.S. ETF BTC balance has grown from 916,000 BTC to 1.12 million BTC.

In order for bitcoin to conclusively break higher of $100,000 we will need to see LTHs dial down on offloading their tokens or have bigger cohorts enter the space and pick up the buys.

Michael Novogratz’s Galaxy Appoints Former Point72 Exec as CFO

The firm’s current chief financial officer, Alex Ioffe, will transition into a senior advisor role.

Michael Novogratz’s Galaxy Digital (GLXY) has hired former Point72 chief financial officer Anthony Paquette to serve in the same role at the crypto financial services firm.

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He will replace Alex Ioffe, who will transition into a senior adviser role, the company said in a statement on Friday.

Paquette previously spent four years as the CFO at Steve Cohen’s hedge fund Point72, leading the firm’s global finance, treasury, and broker relations, among other things. Before that, he worked at SoFi, JP Morgan Chase and Bank of America.

“I am thrilled to join Galaxy, whose reputation as a world-class operator and investor in digital assets, digital infrastructure and other emerging technologies precedes it,” Paquette said in a press release. “I look forward to expanding upon Galaxy’s best-in-class finance team and helping further cement the firm as the preeminent industry leader.”

Galaxy Digital CEO Mike Novogratz thanked Ioffe for building a robust finance team and preparing the firm for a potential U.S. listing.

The Toronto-listed company has been trying to go public in the U.S. through a listing on Nasdaq for some time. However, it is still awaiting approval from the Securities and Exchange Commission (SEC) to move its headquarters from the Cayman Islands to Delaware, which it filed for approval in February 2023.

MicroStrategy to Enter Nasdaq 100, Exposing Bitcoin-Linked Stock to Billions in Passive Investment Flows

The self-described Bitcoin Development Company became one of the 75 largest non-financial firms in the Nasdaq after its explosive growth this year.

MicroStrategy (MSTR) is set to soon be included in of the world’s largest exchange-traded funds after becoming the first bitcoin-centric company to win entry into the Nasdaq-100 Index.

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The Nasdaq-100 Index tracks the 100 largest non-financial companies listed on the Nasdaq exchange and is filled with dominant market names like Apple, Nvidia, Microsoft, Amazon, Meta, Tesla and Costco.

The price of bitcoin (BTC) added modestly to earlier gains, topping $102,000 in the minutes following the Friday 8 pm ET press release from Nasdaq announcing the inclusion.

On Nov. 29, the day when the Nasdaq took a market snapshot in preparation for the index’s annual rebalancing, MicroStrategy had a market cap of roughly $92 billion. That would rank the Michael Saylor-led company as the 40th largest in the Nasdaq 100 and a likely weighting in the index of 0.47%, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas.

As comparison, Apple — prior to this year’s rebalancing — had the index’s largest weighting at just under 9%; Qualcomm had the 20th largest weighting at just above 1%.

The addition will exponentially increase the Nasdaq 100’s exposure to bitcoin (BTC), of which MicroStrategy owns about $42 billion worth, and expose MSTR to billions in passive investment. ETFs tracking the Nasdaq 100 have more than $550 billion in assets under management, said Balchunas. Easily the largest is Invesco’s QQQ Trust (QQQ) with more than $300 billion in AUM.

“The inclusion of MicroStrategy entering the Nasdaq 100 is possibly the second biggest story of 2024, after the launch of the US spot listed ETFs,” said James Van Straten, senior analyst at CoinDesk. “These funds are often buyers at any price level on a monthly basis which will add to another buyer of MSTR, when Michael Saylor continues to issue the at-the-market (ATM) offering, to dilute shareholders but will have a bigger base of buyers.”

Balchunas’ colleague James Seyffart cautions that there’s a chance that MicroStrategy’s inclusion in the index might be short-lived as the company could be re-classified as a financial firm in March since its value comes almost entirely from its bitcoin holdings and not the actual operating business. MicroStrategy founder and Executive Michael Saylor has even said previously that he plans to turn the company into a “bitcoin bank,” making it even less of a technology operation.

“The game theory now sees the SPDR S&P 500 Trust (SPY), the largest of all ETFs with about $650 billion in AUM, as maybe needing to include MSTR to rival their competitor,” van Straten added. “Millions of investors will now have indirect bitcoin exposure adding to the flywheel effect.”

The re-shuffling of the Nasdaq 100 and consequently the QQQ and related ETFs will go into effect on Dec. 23.

Bitcoin Soars to Record High Above $106K, Then Retreats as Hawkish Fed Rate Cut Looms

The Fed is likely to deliver a “hawkish rate cut,” with hints of less easing next year.

Bitcoin (BTC) surged to over $106,000 in early Asian hours, setting new all-time highs before quickly retreating to $104,500 amid concerns about the upcoming U.S. Federal Reserve (Fed) rate cut.

The U.S. central bank is expected to reduce the benchmark borrowing cost by 25 basis points to the 4.25% to 4.5% range, marking a total easing of 100 basis points since September. However, there are concerns that the accompanying Fed commentary will seek to temper expectations for further easing, potentially diminishing the bullish impact of the rate cut.

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The Fed will announce its rate decision, the dot plot, comprising interest rate projections, and economic forecasts on Dec. 18 at 14:00 ET. A press conference by the Fed Chair Jerome Powell will occur a half hour later.

The previous dot plot released on Sept. 18 showed 2.5 points of rate cuts by the end of 2026, pushing the borrowing cost below 3%. Some observers believe the Fed will trim these forecasts on Wednesday.

“We suggest the risk of a ‘hawkish’ cut with less rate hikes next year than anticipated in September in the Summary of Economic Projections (dot plot), recognition that economy is stronger than it had expected previously, and inflation is on a bumpy path that allows the Fed to be patient,” Marc Chandler, chief market strategist at Bannockburn Global Forex, said in Sunday’s edition of the newsletter.

If the projections reflect slower or fewer rate cuts, Treasury yields and the dollar will likely extend their recent run higher, potentially making it harder for risk assets, including BTC, to stay as strongly bid as they have been of late.

That said, seasonality is quite bullish for BTC, and with President-elect Trump sending positive regulatory vibes to crypto, a potential hawkish Fed may not have a long-lasting impact on the cryptocurrency.

Besides, the Fed rate cuts will still remain on the table alongside an expected easing from China, keeping BTC’s bull case intact.

“Yet, whilst lots of ink will be spilled on the pace of cuts going forward, little detracts from the supportive macro dynamic of a global central bank rate cutting cycle and rising global liquidity, set to be propelled by China,” founders of the newsletter service LondonCryptoClub said.

Later this week, markets will get the latest core PCE reading, the Fed’s preferred inflation gauge, which will reveal whether the recent upticks in consumer price inflation are a fluke or hints of a genuine inflation rebound.

Bitcoin Traders Now Target $120K as Bullish ‘Santa Claus Rally’ Gains Steam

Data from the past eight years shows that bitcoin ended December in the green six times since 2015, running at least 8% to as much as 46% (in the outlier year of 2020).

Bitcoin (BTC) set a fresh record above $106,000 earlier Monday, with traders now targeting the $120,000 level as the asset moves into the second half of a seasonally bullish December.

Recent catalysts that have supported growth in BTC include increased speculation of U.S. president-elect Donald Trump creating a federal bitcoin reserve, and crypto companies such as Riot Platforms and MicroStrategy purchasing billions worth of the asset in past weeks.

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Optimism in U.S. policies are driving bitcoin ETFs inflows higher, contributing to increased prices, some point out.

“TradFi inflows now dominate all sentiment and price action in BTC unlike any other prior crypto cycle before,” shared Augustine Fan, head of insights at SOFA, in a Telegram message to CoinDesk. “This influence will only grow as more and more traditional firms finally need to have a digital asset policy given the immense revenue opportunities and sea-change in the political environment.”

Recent price action has shown bitcoin forming higher lows, indicative of a sustained uptrend. The formation of a bull flag or a bullish continuation pattern after recent highs could signal further upward movement.

This month tends to be historically bullish for bitcoin in a move that’s colloquially termed the “Santa Claus Rally.” Data from the past eight years shows that bitcoin ended December in the green six times since 2015, running at least 8% to as much as 46% (in the outlier year of 2020).

Seasonality is the tendency of assets to experience regular and predictable changes that recur every calendar year. While it may look random, possible reasons range from profit-taking around tax season in April and May, which causes drawdowns, to the generally bullish November and December, a sign of increased demand ahead of holiday season.

Meanwhile, some traders are now targeting the $120,000 level and above for BTC in the coming year.

“We think bitcoin still has tremendous upside potential and could easily hit the $125k mark by the end of 2025,” Jeff Mei, COO at crypto exchange BTSE, said over Telegram. “While some say the upside has already been priced in over the last month or so, we think the rally is just getting started.”

“This is because it takes time for institutions, family offices, and high-net-worth individuals to warm up to the idea of allocating 1%-3% of their portfolios to bitcoin and crypto as a whole. Once that happens, crypto inflows could skyrocket. And given Trump’s pro-crypto appointments, continued rate cuts, and stimulus spending from China, there are a lot of reasons to be bullish,” Mei added.